Energy-to-telecom conglomerate SK Group said on May 16 it will invest $1 billion in Vietnam’s leading conglomerate in a bid to expand its presence in the Southeast Asian market.
SK Group said it has signed a deal to buy a 6.1 percent stake in Vingroup, with the deal also calling for a strategic partnership between the two in various business opportunities in Vietnam, including infrastructure development and mergers and acquisitions.
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Vingroup is Vietnam’s largest privately run conglomerate in terms of market cap, with its business portfolio ranging from real estate development to automobiles. It posted sales of 1.1 trillion won ($925 million) in the first quarter of the year.
The mega deal is the latest in a series of overseas pushes by South Korea’s third-largest conglomerate in recent years.
Last August, its five affiliates, including SK Holdings and SK Innovation, established a joint entity named SK South East Asia Investment in Vietnam to launch promising opportunities in the burgeoning Southeast Asian market.
By Ram Garikipati and newswires (ram@heraldcorp.com)